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Capital One Provides $30M Fannie Mae Loan to Refi Annapolis Affordable Community
McLean, VA-based Capital One has provided a $29.5-million Fannie Mae fixed-rate loan to refinance Bay Ridge Gardens, a 198-unit affordable housing rental community in Annapolis, MD, for sponsor Jonathan Rose Companies.
Capital One utilized Fannie Mae’s Enhanced Resident Services program, which reduces interest rates to offset the cost of providing resident services. Jonathan Rose Companies qualified for the program by obtaining a Certified Organization for Resident Engagement Services (CORES) Certification and committing to provide resident services for the duration of the loan term.
As part of the financing, the sponsor also committed to invest $36,000 per unit in renovations and acquired an adjacent single-family home for an expanded community center.
The seven-year loan will be amortized on a 30-year schedule with prepayment flexibility starting in its fifth year.
“Preserving existing properties is essential if we are ever to catch up with the demand for affordable housing,” said Evan Williams, Capital One SVP of agency finance.
- ◦Financing
